NRS 604C.070 – “Consumer litigation funding” defined.
“Consumer litigation funding” means the money provided directly or indirectly to a consumer by a consumer litigation funding company in a consumer litigation funding transaction. (Added to NRS by 2019, 2400)
NRS 604C.080 – “Consumer litigation funding company” or “company” defined.
1. “Consumer litigation funding company” or “company” means a person that enters into a consumer litigation funding transaction with a consumer. 2. The term does not include: (a) An immediate family member of a consumer; (b) An attorney or accountant who provides services to a consumer; (c) A medical provider that provides medical services on […]
NRS 604C.090 – “Consumer litigation funding contract” defined.
“Consumer litigation funding contract” means a written agreement between a consumer and a consumer litigation funding company that provides for a consumer litigation funding transaction. (Added to NRS by 2019, 2401)
NRS 604C.100 – “Consumer litigation funding transaction” defined.
“Consumer litigation funding transaction” means a nonrecourse transaction in which: 1. A consumer litigation funding company provides consumer litigation funding to a consumer in an amount that does not exceed $500,000; and 2. The consumer assigns to the company a contingent right to receive an amount of the potential proceeds of a settlement, judgment, award […]
NRS 604C.110 – “Document preparation fee” defined.
“Document preparation fee” means a one-time fee per legal claim, not to exceed $500, assessed for document preparation services related to the preparation of a consumer litigation funding contract. (Added to NRS by 2019, 2401)
NRS 604C.020 – “Advertise” defined.
“Advertise” means the commercial use of any medium, including, without limitation, radio, television, the Internet or a similar medium of communication, by a consumer litigation funding company for the purpose of inducing a consumer to enter into a consumer litigation funding transaction. (Added to NRS by 2019, 2400)
NRS 604C.030 – “Applicant” defined.
“Applicant” means a person who applies to the Commissioner to obtain a license to engage in the business of a consumer litigation funding company pursuant to the provisions of this chapter. The term does not include a parent company or affiliate of such a person. (Added to NRS by 2019, 2400)
NRS 604C.040 – “Charges” defined.
“Charges” means the amount of money to be paid to a consumer litigation funding company by a consumer above the funded amount provided by the consumer litigation company to the consumer. The term includes, without limitation, administrative fees, origination fees, underwriting fees or other fees, however denominated. The term does not include a document preparation […]
NRS 604C.050 – “Commissioner” defined.
“Commissioner” means the Commissioner of Financial Institutions. (Added to NRS by 2019, 2400)
NRS 604C.060 – “Consumer” defined.
“Consumer” means a natural person who: 1. Resides or is domiciled in this State; and 2. Has a pending legal claim. (Added to NRS by 2019, 2400)